Compare Alliance & Leicester Life Cover
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About Alliance & Leicester
Alliance & Leicester is a British bank and former building society owned by Grupo Santander. Alliance & Leicester will be rebranded as Santander by 2010 in line with other subsidiaries. Formed in 1985 through a merger of the Alliance Building Society and the Leicester Building Society, Alliance & Leicester became a bank in 1997 when it was floated on the London Stock Exchange. Formerly listed in the FTSE 250 Index, having been a FTSE 100 constituent from April 1997 to June 2008, Alliance & Leicester was acquired by the Spanish firm Banco Santander in October 2008.
On 14 July 2008 the board of A&L recommended that shareholders accept a takeover bid from Banco Santander for around £1.26 billion. This recommendation was ratified by shareholders at meetings on 16 September 2008. The takeover took effect on 10 October 2008 when shares of the company were delisted from the London Stock Exchange. The bank is set to be renamed Santander along with Abbey and the Bradford & Bingley savings business in late 2010 once computer systems are aligned with the two other banks. Until this time, Alliance & Leicester will continue as a separate institution with its own banking licence.
The Group provides general insurance, life assurance, unit trusts, personal current accounts and credit cards, asset financing and commercial lending. Its main retail business is in the United Kingdom concentrating on mortgages, current accounts, savings and personal loans. The Group is also endeavouring to expand its commercial operations through ALCB (Alliance & Leicester Commercial Bank). The Group's provision of retail credit cards is through its partner MBNA, and its provision of investments and insurance are through Legal & General, and Zurich respectively.
Its headquarters are in Carlton Park, a business park in Narborough, south of Leicester in England. The group also has premises in Liverpool, Manchester, Wigan, Leeds, Ashford and Belfast, and all its contact centres are UK based.